The grand Toorak estate that has been owned by one of the country’s most famous retailing families for more than a century will hit the market next month and could be the first Melbourne home to sell for $100 million or more.

Cranlana has been owned by the Myer family – founders of the eponymous department store chain – since it was purchased by patriarch Sidney Myer and his second wife, Merlyn, in 1921.